20 year mortgage refinance rates

Figuring out the best interest rate for your mortgage can be tricky, but it's not impossible. Here’s a rundown of how it works. Daniel Bortz, provided by Published 5:30 am CDT, Wednesday, April 10, 2019 Image 1 of / 1 Caption Close Image 1 of 1 A Guide to Mortgage Interest Rates: Why They Go Down and Up, and What to Do 1 / 1 Back to Gallery Mortgage interest rates are a mystery to many of us—whether you're a home buyer in need of a home loan for your first house or your fifth. After all, what does “interest rate” even mean? Why do rates swing up and down? And, most important, how do you nab the best interest rate—the one that’s going to save you the most money over the life of your mortgage? Here, we outline what you need to know about interest rates before applying for a mortgage. Why does my interest rate matter? Mortgage lenders don't just loan you money because they’re good … [Read more...] about A Guide to Mortgage Interest Rates: Why They Go Down and Up, and What to Do

Susan Tompor Detroit Free Press Published 6:00 AM EST Jan 3, 2019 Many times, the New Year kicks off with a huge financial hangover. But this year, we're looking at even more reasons to keep an eye on our money. All sorts of economic headwinds will influence everything from how much we pay for gas to how much we take home in our paychecks to the size of our tax refunds in 2019. Here's a look at some trends that could hit your wallet in the New Year: Gas prices may rise No, your eyes aren't playing tricks when you just spotted a sign for gas at less than $2 a gallon. Michigan is one of 13 states with average gas prices below $2, according to GasBuddy.com. You'd have to go back to April 11, 2016, to find prices that low. Just a year ago, Michigan drivers were paying an average of $2.67 a gallon. Consumers are saving nearly 68 cents a gallon — which adds up to roughly $8 per average fill-up, according to Patrick DeHaan, head of petroleum analysis at … [Read more...] about Gas prices, mortgage rates kick off the New Year by going down

provided by Published 9:00 am CST, Monday, December 24, 2018 MoneyTips Times aren't great in the mortgage refinancing market. According to the October 2018 Origination Insights Report from mortgage application software provider Ellie Mae, refinancing homes make up 32% of October's closed mortgages – continuing a drop in refis that began five to six months prior. It's likely that mortgage rate increases are to blame for the decline in refis. The drop roughly corresponds to 30-year fixed mortgage rates breaking the 4.5% mark in May for the first time since January 2014. Refinancing generally only makes sense when you can acquire a better interest rate than your current rate. After years of historically low interest rates, it's less likely that you can find rates suitable for refinancing – unless you have improved your creditworthiness since taking out your original mortgage. Lenders might be tempted to ease refinancing standards to increase share, but so far … [Read more...] about You Still Need A High Credit Score To Refinance

By Ilyce Glink and Samuel J. Tamkin, Tribune Content Agency Published 5:00 am CDT, Friday, October 12, 2018 Q: I was offered a mortgage "recast" and I need help evaluating if it is a sound financial move. My home is worth $250,000. I owe about $68,000, as I have been paying additional principal on the loan. My understanding is that when you do a recast of your mortgage, the lender simply takes the existing balance and adjusts it to the current amortization schedule. The appeal of having my current monthly payment lowered is attractive in case of a job change or if something happens and I suddenly earn less. I would still pay additional principal and pay off the loan sooner but would have the peace of mind knowing I only owed a lower payment each month. How do I measure the difference between my payment now and what it would be after a recast in terms of interest paid? All of the online calculators require a lump sum payment to the principal upfront, so I'm not sure I'm … [Read more...] about How to achieve a ‘home run refinance’

Fixed mortgage rates stumbled slightly this week, falling for the first time in more than a month.According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average slipped to 4.71 percent with an average 0.4 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.72 percent a week ago and 3.85 percent a year ago.The 15-year fixed-rate average slid to 4.15 percent with an average 0.4 point. It was 4.16 percent a week ago and 3.15 percent a year ago. The five-year adjustable-rate average increased to 4.01 percent with an average 0.3 point. It was 3.97 percent a week ago and 3.18 percent a year ago. The five-year ARM hasn't been this high in more than eight years.The last time the averages of the three major mortgage products were all above 4 percent was April 2010."Mortgage rates inched back a little in this week's survey . . . after hitting a seven-year high last week," Sam Khater, Freddie Mac's chief economist, said in a … [Read more...] about Mortgage rates retreat a bit but are expected to resume rising